Sears Holdings organization

“um picks to basically run this media company one of the two very successful media company too i might add yeah yeah it's it's a crazy story yeah all right so back into this business is uh minutia would then serve on the board of directors o…”

“Sears, because Judge Boasberg was class of 1985. One of the names I skipped over, because he isn't all that interesting, was a guy by the name of Edward S. Lampert, who was a bonesman, 1984. He just happens to be the chairman of the Sears H…”

“He was the founder of ESL Investments. The L is Lambert, but he's also the current chairman of the Sears Holding Company. Last one is a guy by the name of Schwarzman. He's the founder of Blackstone. Black Rock is a spinoff from Blackstone. …”

“So Lambert gets there and he restructures the company into about 30 different business units. He's a big fan of Ayn Rand. And he basically what he thought his her model was, is the units were to buy and sell the services among themselves th…”

“And then 2016, he's number 810 at $2.2 billion. So this guy's managed to lose $1.6 billion in a decade. So where'd that money go? I'm going to tell you. He gets involved in his hedge fund. He takes over as the CEO of Sears Company. Remember…”

“picks to basically run this media company. One of the two. Very successful media company too, I might add. Yeah. Yeah. It's a crazy story. All right. So back into this business. Mnuchin would then serve on the board of directors of both Kma…”

“So he had the two together in Sears Holding Corp. In 2017, he commits to provide an additional loan, personally, of $500 million to Sears. He's the CEO and chairman of the board at this point, and his employees don't like him at all. He's g…”

“Kmart merges with Sears to form Sears Holdings. Sears Holdings becomes bankrupt in 2018. The company's estate, which means the remaining shareholders that got screwed, sued both Lampert and Mnuchin for asset stripping, and there was a $175 …”

“So he had the two together in Sears Holding Corp. In 2017, he commits to provide an additional loan, personally, of $500 million to Sears. He's the CEO and chairman of the board at this point, and his employees don't like him at all. He's g…”

“Steps down as a chairman in 2019. 2019, the Sears creditors, they sue alleging Lambert had orchestrated a multi-year and multifaceted scheme to strip away the company's assets. And one of the examples is Lambert threatened not to pay out $4…”

“But at least he wasn't in the CIA. He broke a trend. There you go. It's interesting that you mentioned Sears because Judge Boasberg was class of 1985. One of the names I skipped over because he isn't all that interesting was a guy by the na…”

“In 2018, ESL, this hedge fund, offers to buy all the shares of Sears that are outstanding for $4.6 billion in cash and stock. It puts no new cash into it. It finances it by $950 million in debt. So this is vulture capitalism. We buy an asse…”